“Eyes on the street” in one of the key mantras the incumbents substitute for a solid financial analysis of the economic benefits of their publicly underwritten million dollar Downtown condos.

Supposedly the $8.5 million tax dollars (so far) and land worth $5-8 million ($13.5-16.5 million) will help increase Downtown’s minuscule population to the point crime will plummet as folks living in those million dollar condos observe the street scene from high above. Those couple hundred of new folks will energize Franklin Street and help convert it into a 24/7 hub of profitable commercial activity.

Eyes on the street, the justification for this out-of-control project.

What about “jobs on the street”?

In 2005, I called on the Town and its Downtown Partnership to focus on a strategy to build an employment ladder and increase the number of well-paying jobs Downtown.

Why? Because I know that folks that work Downtown, spend Downtown. I do. My colleagues do. The owners and employees of many Downtown businesses do, funneling their dollars back into the micro-economy they subsist on.

And they do it without millions of dollars of public outlay. Their commercial activities represent a net gain for both Downtown and the larger taxpaying community.

Why didn’t Council pursue jobs growth Downtown? The high-priced condo scheme has been a distraction but, beyond that, I believe they didn’t understand the basic value proposition – that those who work Downtown, spend Downtown.

My objective, increasing Downtown’s employment profile, languished two years until recently when the new economic development officer (a position, by the way, I lobbied for) resurrected it as part of his greater economic development strategy.

How much does the Downtown workforce contribute to Downtown’s commerce?

I took a look at my spending habits, reviewed my credit receipts and came up with the following incomplete list of Franklin Street businesses within the Town’s Downtown economic zone (as defined by the Downtown Partnership) that I (or my family) have recently frequented.

While broad, you might notice a bias towards restaurants. My wife is a fabulous cook – but that doesn’t stop me from eating out at our wonderful Downtown smorgasboard.

Finally, Downtown already has “eyes on the street”. 5,000 based on the Town’s analysis. 15,000 based on State and Federal criteria. Eyes on Rosemary St. hasn’t stopped the drug dealing. Eyes on the street didn’t stop the recent Visions nightclub shooting. Eyes on the street, alone, is no panacea.

One Response to “Election 2007: Money on the Street”

You make a really good point. I think if I did something similar you would see:
a. a lot of shops in Southern Village, actually, ALL the shops in Southern Village.
b. a lot of downtown lunches, since it is walkable from campus.
c. most of my lunches on campus.

It only makes sense that you spend more money in the microenvironment where you work/live.